Philippines shares may see bargain hunting

Philippines share prices may see some bargain hunting after falling sharply in recent days, analysts said on Friday. However, oil prices and the state of the US economy could continue to influence trading, they said.
"We are nearing the 2,600 level now, so maybe we will swing back to a rally next week," said Sandra Araullo of Regina Capital Development Corp. "There may be bargain-hunting. Definitely there are a lot of stocks that are below book value," she said. Araullo noted there was a lot of selling by foreign investors but said value was "still there" in shares.
"The two main stories next week will still be oil prices and what is happening to the US economy," said Astro del Castillo of First Grade Holdings. For the week to August 22, the composite index fell by 2.6 percent or by 71.97 points to 2,653.18.